Bluehone Holdings Plc

August 23, 2012 02:00 ET

Final Results


Final Results
 22 August 2012
 Bluehone Holdings plc- Ticker BLUP
 Bluehone Holdings plc ("Bluehone Holdings" or "the Company" or "the Group")
Bluehone  Holdings is pleased to announce its results for the year to 31 March 2012. The financial  information
set  out  is derived from the statutory financial statements of Bluehone Holdings plc for the year to 31  March
2012.  The statutory financial statements for the year to 31 March 2012, upon which an unqualified audit report
has been given, have not been filed with the Registrar of Companies.
The  statutory  financial  statements will be posted to shareholders in due course and  will  be  available  in
electronic format from
 William Brown, Bluehone Holdings plc - 020 3206 7335
 Ed Frisby, finnCap - 020 7220 0500
                                             CHAIRMAN'S STATEMENT
                                           YEAR ENDED 31 MARCH 2012
I  present  my report to shareholders for the year ended 31 March 2012. The Company is the holding  company  of
Bluehone Investors LLP ("Bluehone Investors") and also has two other investments which are a 6.58% interest  in
Evolve Capital Plc ("Evolve"), an AIM traded investment company and a 19.9% interest in Elderstreet Investments
Limited ("Elderstreet"), a private equity investor. The Company consolidates the results for Bluehone Investors
and holds the other two assets as investments.

During  the year, the group generated revenue of £554,606 and reported a loss of £508,083 however, as I explain
in  more  detail below, this is after incurring a number of one off costs during the year. Your Board does  not
recommend the payment of a dividend for the year. The group cash balances at year end amounted to £290,771.

Bluehone Investors LLP

All the group revenues were generated by Bluehone Investors which reported a profit of £64,519 for the year.

The  current focus of Bluehone Investors is to continue the realisation process of Active Capital Trust and  to
progress a fund raising for a new fund to provide capital to the small companies sector. The realisation of the
assets  of  Active Capital Trust is continuing to plan with the portfolio management now fully concentrated  on
the  strategic  holdings  with  a  view  to  maximising value from these  investments.  Bluehone  Investors  is
incentivised  to  realise  these  remaining holdings and will participate  in  a  performance  related  capital
appreciation  fee.  A proportion of this fee has been recognised in the current year to reflect  progress  made
towards targets to date.

Bluehone  Investors has now engaged a corporate adviser and other distribution partners to seek capital  for  a
new  fund. This new vehicle is intended to provide much needed capital to the SME sector at a time when  equity
markets  are  difficult for small companies and bank debt is limited and often restricted to  very  short  term
facilities.  The  new  fund, which will be listed on AIM, is designed to provide investors  with  a  relatively
secure  investment with low volatility and generate an annual cash yield of over 6% pa with the  potential  for
capital growth.


Evolve completed a scheme of arrangement with its subsidiary company, Astaire, to increase Evolve's interest to
100%  and  enabled Evolve to increase its direct cash holding. The results for Evolve for the year to  December
were  a  loss  of £4.9 million. As stated above, we have a 6.58% interest in Evolve which now has shareholders'
funds  of £5.1 million. The assets of the company comprise both quoted and unquoted investments. The shares  in
Evolve are traded on the AIM market and trade at a significant discount to the underlying net asset value.   We
have elected to value the investment in Evolve at market value rather than cost and as a result, we incurred an
impairment provision at the year end of £445,151 in respect of the carrying value of the investment.

On  7 July 2011, Dr Stuart Rollason, a director of the Company and a Member of Bluehone Investors resigned from
his  position  with  all  group  companies. I would like to take this  opportunity  to  thank  Stuart  for  his
contribution to the Bluehone Group. The Board now comprises three non-executive and two executive directors.


The  last  financial  year  was disappointing and the priority for the current year is  the  pursuance  of  new
business opportunities to grow the current scale of the Company.

John Wheatley


                                             BLUEHONE HOLDINGS PLC
                                     CONSOLIDATED PROFIT AND LOSS ACCOUNT
                                                                YEAR ENDED 31 MARCH 2012
                                                                                     Year ended                      Year ended
                                                                                       31 March                   31 March 2011
                                                                                                  GBP                             GBP
Turnover                                                                                554,606                         846,213
Net operating expenses                                                                (618,622)                       (968,787)
Provision for impairment                                                              (445,151)                        _______-
of fixed asset
Operating loss                                                                        (509,167)                       (122,574)
Interest receivable and                                                                                                        
similar income                                                                            1,229                             975
Interest payable  and                                                                                                          
similar charges                                                                           (145)                         (2,191)
Loss on ordinary                                                                                                               
activities before                                                                     (508,083)                       (123,790)
Tax on profit on ordinary                                                                     -                               -
Loss for the financial                                                                (508,083)                       (123,790)
Basic and diluted loss                                                                                                         
per share                                                                                  0.43                            0.10

                                             BLUEHONE HOLDINGS PLC
                                           CONSOLIDATED BALANCE SHEET
                                           YEAR ENDED 31 MARCH 2012

                                                                                              2012             2011
                                                                                               GBP              GBP
Fixed Assets                                                                                                       
Intangible fixed assets                                                                    868,359          917,659
Tangible assets                                                                                  -                -
Investments                                                                                200,292          645,443
                                                                                         1,068,651        1,563,102
Current Assets                                                                                                     
Debtors                                                                                    357,999           39,821
Cash at bank and in hand                                                                   290,771          862,383
                                                                                           648,770          902,204
Creditors: Amounts falling due within one year                                           (146,083)        (385,886)
Net current assets                                                                         502,687          516,318
Total assets less current liabilities                                                    1,571,338        2,079,420
Net assets                                                                               1,571,338        2,079,420
Capital and reserves                                                                                               
Called up equity share capital                                                           2,378,408        2,378,408
Share premium account                                                                       66,501           66,501
Profit and Loss Account                                                                  (873,571)        (365,489)
Shareholders' funds                                                                      1,571,338        2,079,420

                                             BLUEHONE HOLDINGS PLC
                                        CONSOLIDATED CASH FLOW STATEMENT
                                           YEAR ENDED 31 MARCH 2012

                                                                                              2012             2011
                                                                                               GBP              GBP
Net cash (outflow) / inflow from operating activities                                    (570,568)          254,914
Returns on investments and servicing of finance                                                                    
Interest received                                                                            1,229              975
Interest element of finance lease rental payments                                            (145)          (2,191)
Net cash inflow / (outflow) from returns on investments                                      _____           ______
and servicing of finance                                                                     1,084          (1,216)
Capital expenditure and financial investment                                                                       
Acquisition of investments                                                                       -         (53,135)
Net cash outflow for capital expenditure and                                               _______          _______
financial investment                                                                             -         (53,135)
                                                                                           _______           ______
Taxation paid                                                                                    -  
                                                                                          ________          _______
Cash outflow before financing                                                            (569,484)          165,587
Capital repayment of finances leases                                                       (2,128)         (29,457)
                                                                                            ______          _______
Net cash (outflow) from financing                                                          (2,128)         (29,457)
                                                                                            ______          _______
(Decrease)/Increase  in cash                                                             (571,612)          136,130

Contact Information

  • Bluehone Holdings Plc